The Startup Visa Program offers permanent residence to qualified immigrant entrepreneurs. Candidates can initially come to Canada on a work permit supported by their designated Canadian investor, before qualifying for permanent residence once their business is up and running
Interested innovators/entrepreneurs must have a qualifying business to be eligible for startup visa program in Canada. Not more that five applicants in one startup may apply and each must have 10% or more shares of the corporation. The business/idea must be able to obtain a letter of support or a commitment certificate from an angel investor, start up incubator or a venture capitalist. This indicates that your business idea is viable and has been able to obtain support from a reputed Canadian firm.
With Venture Capitalists, the required minimum commitment of funding to your startup is $200,000 and with designated angel investors in Canada the minimum financial commitment that a startup must get is $75,000 or greater. With incubator, there is no minimum commitment to invest but the startup needs to be accepted by one of the accredited incubators in Canada. The applicants don’t require investing any of their own assets for that matter. Along with investment commitments from the bodies mentioned above, one has to show sufficient personal funds to support himself after arriving in Canada. The funds the applicant shows will depend upon the number of people applying along with him.
Another requirement is fluency is English or French (listening, reading, writing & speaking). The minimum CLB required is 5. The education requirement for the applicant should be 2+ years of post secondary education but it is not mandatory. Applicants are also subject to criminal record checks (a non- expired police clearance certificate has to be provided) and they should also be medically admissible.
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